Company registration number 11157081 (England and Wales)
MOORGATE PROPERTIES (NW) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MOORGATE PROPERTIES (NW) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
MOORGATE PROPERTIES (NW) LIMITED
BALANCE SHEET
AS AT
27 MARCH 2023
27 March 2023
- 1 -
27 March 2023
28 March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
27,931
2,824
Investment property
5
220,000
113,802
Investments
6
100
248,031
116,626
Current assets
Stocks
272,812
29,156
Debtors
8
111,547
284,066
Cash at bank and in hand
47,155
1,085
431,514
314,307
Creditors: amounts falling due within one year
9
(449,942)
(362,912)
Net current liabilities
(18,428)
(48,605)
Total assets less current liabilities
229,603
68,021
Creditors: amounts falling due after more than one year
10
(202,227)
(43,356)
Provisions for liabilities
(13,517)
(706)
Net assets
13,859
23,959
Capital and reserves
Called up share capital
11
100
100
Revaluation reserve
22,089
Profit and loss reserves
(8,330)
23,859
Total equity
13,859
23,959
MOORGATE PROPERTIES (NW) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
27 MARCH 2023
27 March 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 27 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 March 2024 and are signed on its behalf by:
S Latham
Director
Company registration number 11157081 (England and Wales)
MOORGATE PROPERTIES (NW) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 MARCH 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 31 March 2021
100
23,219
23,319
Period ended 28 March 2022:
Profit and total comprehensive income
-
-
640
640
Balance at 28 March 2022
100
23,859
23,959
Period ended 27 March 2023:
Profit and total comprehensive income
-
-
5,900
5,900
Dividends
-
-
(16,000)
(16,000)
Transfers
-
(22,089)
(22,089)
Other movements
-
22,089
-
22,089
Balance at 27 March 2023
100
22,089
(8,330)
13,859
MOORGATE PROPERTIES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MARCH 2023
- 4 -
1
Accounting policies
Company information
Moorgate Properties (NW) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Mount Pleasant, Waterloo, Liverpool, L22 5PL.
1.1
Reporting period
These financial statements are for the period ended 27 March 2023. The previous financial statements were for the period ended 28 March 2022, in order that the company's accounting reference date aligns with that of fellow group companies. As such, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The company meets its day to day working capital requirements through loans provided by the directors.true
The directors have confirmed that they will continue to support the company in this manner for the foreseeable future and the financial statements have therefore been prepared on the going concern basis.
1.4
Turnover
Rental income turnover represents amounts receivable for rent and similar property income.
Property development turnover is derived from the sale of residential properties and land and is recognised on the date on which completion takes place.
Construction related turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Furniture
20% straight line
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
MOORGATE PROPERTIES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Land stock is recorded at cost and the carrying amount is reviewed regularly by the directors for any evidence of impairment, taking into account factors such as opportunity for development and status of planning permissions.
Similarly, work in progress is recorded at cost and its recoverability is reviewed regularly with reference to the current market sales prices that are expected to be received and forecast costs to complete.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
MOORGATE PROPERTIES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
MOORGATE PROPERTIES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2023
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 29 March 2022
5,020
Additions
33,487
At 27 March 2023
38,507
Depreciation and impairment
At 29 March 2022
2,196
Depreciation charged in the period
8,380
At 27 March 2023
10,576
Carrying amount
At 27 March 2023
27,931
At 28 March 2022
2,824
MOORGATE PROPERTIES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2023
- 8 -
5
Investment property
2023
£
Fair value
At 29 March 2022
113,802
Additions
76,747
Revaluations
29,451
At 27 March 2023
220,000
Investment property owned by the company comprises residential property held for rent.
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 13 January 2023 by MO Valuations, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
Fixed asset investments not carried at market value
Fixed asset investments represent the purchase price of shares held in the company's subsidiary undertaking. This subsidiary undertaking is not listed on the stock exchange.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 29 March 2022
-
Additions
100
At 27 March 2023
100
Carrying amount
At 27 March 2023
100
At 28 March 2022
-
7
Subsidiaries
Details of the company's subsidiaries at 27 March 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Moor2properties Limited
England and Wales
Property rental
Ordinary
100.00
MOORGATE PROPERTIES (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MARCH 2023
- 9 -
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,057
56
Other debtors
95,490
284,010
111,547
284,066
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,154
5,464
Trade creditors
2,490
6,591
Amounts owed to group undertakings
88
Taxation and social security
2,942
5,376
Other creditors
438,268
345,481
449,942
362,912
Other creditors includes loans totalling £211,694 (2022 - £153,750) which are secured by charges over the investment property owned by the company.
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
37,202
43,356
Other creditors
165,025
202,227
43,356
Other creditors includes loans totalling £165,025 (2022 - £0) which are secured by charges over the investment property owned by the company.
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100